India’s retail sector is booming, with international brands eyeing the country as a prime destination for expansion. In 2024, 27 new foreign retail brands entered the Indian market, nearly doubling from 14 brands in 2023. The surge in international entries is fueled by rising consumer demand for luxury items, premium fashion, and global retail experiences.
India’s Growing Appeal for Foreign Brands
India has emerged as a hotspot for international retailers, thanks to its growing middle class, rising disposable incomes, and increasing affinity for luxury brands. The retail leasing market remained resilient, with 8.1 million sq. ft. of retail space leased across seven major cities despite a slowdown in new retail space supply.
Top Cities Attracting International Brands
Among the seven key retail markets, Delhi NCR led the way, accounting for over 50% of new international brand entries. Mumbai followed closely, reinforcing its position as a luxury shopping hub. Other metro cities like Bengaluru, Chennai, and Hyderabad also saw growing traction among global brands.
Brands entered Indian Market in 2024
Regions Driving Foreign Retail Expansion
The EMEA (Europe, Middle East, and Africa) region played a dominant role in India’s retail expansion, contributing to 56% of the new brand entries. Luxury brands from France and Italy were at the forefront, reflecting India’s increasing demand for high-end fashion, footwear, and accessories.
Luxury Segment Drives Retail Growth
Luxury retail remained a strong segment in India, with high-end brands leasing approximately 190,000 sq. ft. of space in 2024. The Fashion and Apparel sector emerged as the biggest driver, accounting for nearly 50% of the total luxury space leased.
Key Sectors Driving International Retail Growth in India
- Fashion & Apparel – The most dominant segment in retail leasing, attracting brands from Europe and the US.
- Luxury & Premium Accessories – Driven by demand for high-end watches, footwear, and handbags.
- Home & Lifestyle Brands – Global furniture and décor retailers expanding to cater to India’s growing housing sector.
- F&B (Food & Beverage) – International coffee chains and premium dining brands increasing their footprint.
Expert Insights on Foreign Brand Expansion in India
Samantak Das, Chief Economist at JLL India, highlighted that India’s growing aspirational consumer base is a key driver for foreign retail investments. He stated:
“Retailers continue to see India as a crucial market, with categories like fashion and luxury leading the leasing demand. The trend of international brands expanding here will only strengthen in the coming years.”
Rahul Arora, Head of Office Leasing & Retail Services at JLL, emphasized:
“India has been steadily attracting international retailers for the past four years, and 2024 marks a milestone with record-high foreign brand entries. The demand for premium retail locations remains strong.”
What’s Next? India’s Retail Outlook for 2025
Looking ahead, India’s retail landscape is poised for further expansion. The country is expected to witness the addition of nearly 9 million sq. ft. of new retail space in 2025, reinforcing its position as a global shopping destination.
With strong economic fundamentals, growing luxury demand, and a consumer shift towards premium international brands, India will continue to attract foreign retailers eager to tap into its vast market potential.
2024 has been a landmark year for international retail in India, with 27 new foreign brands setting up operations. With a thriving luxury segment and sustained leasing activity, India is cementing its reputation as one of the fastest-growing retail markets in the world. As global brands continue to expand, the future of Indian retail looks brighter than ever.
Source: JLL Report
